CONSTRUCTION LOAN MONITORING, INSPECTION AND ANALYSIS
PROJECT COMPLETION SERVICES
SCOPE OF SERVICES
The risk, complexity and expense of contemporary construction demands expertise. Lenders Loan Mgmt, Inc. can support your financial services with our unsurpassed project management skills.
We are well versed in knowing what can go wrong and how to avoid costly mistakes. Lenders Loan Mgmt’s experience can work for the borrower, the lender, and the contractor by knowing the process and avoiding the pitfalls before they adversely affect your business.
Our Loan Monitoring Services Include
Project and Cost Review
An independent assessment of the likely cost of the project to make sure financing is adequate. A review and report on the completeness of the design documents and a status of governmental approvals. A review and report to ensure conformance of the proposed project with the Construction Loan Agreement.
Contractor Review
A review of the proposed contractor’s financial condition, past experience, payment history, licensing, bondingcapacity, references and general availability for the project.
Progress Monitoring
Monthly site visits to monitor and document construction progress.
Change Order Controls
A review of change order requests to assure coordination with overall project and loan requirements.
Close-out Processes
Help in facilitating closeout procedures to make sure all documentation conforms to loan requirements, and ensure all necessary closeout documentation is available and complete.
Project Completion Guarantee Services
Provide lenders and owners a guarantee that their project will be completed with minimal interruption should the original contractor fail to complete or abandon the project.
We offer these services at differing levels of scope, dependent upon the client’s needs.
The Loan Monitoring expertise available through Lenders Loan Mgmt. will add to the value of your project.
Project Completion Services
Our project completion guarantee program offers an alternative to obtaining a performance bond for your project. Originally designed for the smaller project where the contractor may not be able to obtain a bond, the program will work for any size project. A failed project costs time and money to the owner and the lender. Our program offers a solution to the owner in delivery of a completed building and to the lender in producing a completed income-generating project, not another “real-estate-owned” property. The program offers the completion guarantee by contracting with a fully qualified general contractor, held on retainer, to step in and complete the project if the original contractor fails to perform.
Benefits of the program:
• Typically lower costs versus performance bond fees.
• Qualified contractor ready to step in to complete the project.
• Contractor willing to complete the project with the established budget.
• Minimal interruption of construction – typically 30 days.
Lenders Loan Mgmt, Inc. has teamed up with a contractor with 28 years of experience in Florida to provide this service. Combined with the plan and cost review, contractor qualification services, and loan monitoring services provided by Lenders Loan Mgmt, Inc. the team will be knowledgeable in the scope of work required to complete the project and already thoroughly involved in the project. Professional loan monitoring consulting services combined with the completion guarantee contract provide a valuable contribution to any project. These services help ensure a well-run, problem-free project and provide the Owner and Lender with real and measurable benefits.
Turnkey Construction Loan Monitoring Services